MIRA INFORM REPORT

Report Date :

31.10.2013

IDENTIFICATION DETAILS

Name :	HIM TEKNOFORGE LIMITED
Registered Office :	Village Billanwali, Labana, Baddi, District Solan – 173205, Himachal Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.01.1989
Com. Reg. No.:	06-008963
Capital Investment / Paid-up Capital :	Rs. 232.600 Millions
CIN No.: [Company Identification No.]	U28910HP1989PLC008963
TAN No.: [Tax Deduction & Collection Account No.]	PTLH10721E / PTLH10802B
PAN No.: [Permanent Account No.]	AAACH3906R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Rough Forging and Finished Components.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2887000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears drastic dip in sales and profit of the company in 2013. Rating also takes into consideration diversified products portfolio and weak industry outlook for commercial vehicles and tractors, segment which contributes significant portion to company revenues. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some cautions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : BB (Suspended)
Rating Explanation	Inadequate credit quality and high credit risk
Date	April 18, 2013

Rating Agency Name	CRISIL
Rating	Short term rating : A4+ (Suspended)
Rating Explanation	Minimal degree of safety and very high credit risk
Date	April 18, 2013

Reason for suspension: Absence of adequate information by HTL.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE [91-1795-244020]

LOCATIONS

Registered Office/ Factory 1 :	Village Billanwali, Labana, Baddi, District Solan – 173205, Himachal Pradesh, India
Tel. No.:	91-1795-245466/ 246351
Fax No.:	91-1795-245467
E-Mail :	teknoforge@himgroup.net himbaddi@himgroup.net
Website :	http://www.tekno.himgroup.net
Factory 2 :	Sai Road, Baddi, District Solan, Himachal Pradesh, India.
Tel. No.:	91-1795-244020/ 246352
Fax No.:	91-1795-244064
Factory 3 :	Plot No. 264-268A, Industrial Area-1, Pithampur, Indore, Madhya Pradesh, India
Tel. No.:	91-7292-253451/ 253452/ 503194
Fax No.:	91-7292-253215
E-Mail :	bhatnagarm@himgroup.net
Corporate Office :	#39, Sector-28 A, Chandigarh -160002, India
Tel. No.:	91-172-2651654/ 2657681/ 2657871
Fax No.:	91-172-2651550
E-Mail :	teknoforge@himgroup.net
Marketing Offices 1 :	# 356, 1st floor, Sector-15, Faridabad, Haryana, India.
Tel. No.:	91-129-5009357
Fax No.:	91-129-5009357
E-Mail :	varshanr@himgroup.net
Marketing Offices 2 :	2, 'C' Wing Chintamani Apartments, Mayur Colony, Kothrod, Pune, Maharashtra, India
Tel. No.:	91-20-25450036
Fax No.:	91-20-25450036
E-Mail :	himpune@himgroup.net
Marketing Offices 3 :	301 A, Jyoti Apartments, 204-205, Sher-E-Punjab Society, Mahakii Caves Road, Andheri (East), Mumbai, Maharashtra, India
Tel. No.:	91-22-8372112
E-Mail :	dhawanrk@himgroup.net

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Vijay Aggarwal

Designation :

Managing director

Address :

# 203, Sector 6, Panchkula – 134109, Haryana, India

Date of Birth/Age :

18.10.1949

Qualification :

B.E. (Mechanical Engg.)

Date of Appointment :

01.07.2009

PAN No.:

AAZPA6148A

DIN No.:

00094141

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U28910HP1989PLC008963	HIM TEKNOFORGE LIMITED	Managing director	01/07/2009	11/01/1989	Active	NO
2	U28910CH1990PTC010730	H D FORGE PRIVATE LIMITED	Director	08/10/1990	08/10/1990	Active	NO
3	U27106CH1990PTC010828	P C ALLOYS PRIVATE LIMITED	Director	12/11/1990	12/11/1990	Active	NO
4	L29130GJ1971PLC001866	GUJARAT AUTOMOTIVE GEARS LIMITED	Managing director	12/09/2013	12/09/2013	Active	NO

Name :

Mr. Rajiv Aggarwal

Designation :

Whole-time director

Address :

#73, Sector 28A, Chandigarh – 160002, India

Date of Birth/Age :

23.03.1958

Qualification :

C.A., C.S.

Date of Appointment :

01.04.2009

PAN No.:

AAZPA6146Q

DIN No.:

00094198

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27200HP1986PTC006829	METALCHEM INDIA PRIVATE LIMITED	Director	12/03/1990	12/03/1990	-	Active	NO
2	U28910CH1990PTC010730	H D FORGE PRIVATE LIMITED	Director	30/12/1991	30/12/1991	-	Active	NO
3	U28910HP1989PLC008963	HIM TEKNOFORGE LIMITED	Whole-time director	01/04/2009	01/10/1993	-	Active	NO
4	U72200CH1997PTC020207	R V NETSOFT PRIVATE LIMITED	Director	09/07/1997	09/07/1997	-	Active	NO
5	U67200CH2003PTC025864	HUDSON INSURANCE BROKERS PRIVATE LIMITED	Director	21/03/2003	21/03/2003	-	Active	NO
6	U19119CH1993PTC013406	OASIS LEATHERS PRIVATE LIMITED	Director	29/11/2004	29/11/2004	23/08/2010	Active	NO
7	U20211CH1987PLC007836	SAMRAT PLYWOOD LIMITED	Additional director	01/06/2010	03/10/2009	02/07/2010	Active	NO
8	U17115CH1991PLC011127	FERTICHEM COTSPIN LIMITED	Additional director	06/10/2009	06/10/2009	10/12/2009	Active	NO
9	U80903HP2008PTC030941	HIMACHAL TOOLS AND TRAINING PRIVATE LIMITED	Director	29/09/2012	13/12/2011	-	Active	NO
10	L29130GJ1971PLC001866	GUJARAT AUTOMOTIVE GEARS LIMITED	Managing director	12/09/2013	11/09/2013	-	Active	NO

Name :

Mr. Ravikant Tilakraj Dhawan

Designation :

Director

Address :

301-A, Jyoti Apartments, Shere Punjab Society, Andheri (East), Mumbai – 400093, Maharashtra, India

Date of Birth/Age :

05.01.1950

Qualification :

BE., MBA

Date of Appointment :

01.11.2002

DIN No.:

00101878

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U28910HP1989PLC008963	HIM TEKNOFORGE LIMITED	Director	01/11/2002	01/11/2002	Active	NO
2	U34103MH2006PTC165758	SPICE MOTORS PRIVATE LIMITED	Director	23/11/2006	23/11/2006	Active	NO
3	U67120MH2006PTC158968	PUKKA MERCANTILE COMPANY PRIVATE LIMITED	Director	01/03/2007	01/03/2007	Active	NO
4	U51909MH2004PTC144982	KIMMI TRADING PRIVATE LIMITED	Director appointed in casual vacancy	10/02/2009	10/02/2009	Active	NO
5	U29224MH1984PTC032175	VEE VEE ROLLER FLOUR MILLS PRIVATE LIMITED	Additional director	28/02/2013	28/02/2013	Active	NO
6	L29130GJ1971PLC001866	GUJARAT AUTOMOTIVE GEARS LIMITED	Additional director	12/09/2013	12/09/2013	Active	NO

Name :

Mr. Purshotam Lal Sharma

Designation :

Director

Address :

H. No. 511, Sector-15 A, Chandigarh – 160015, India

Date of Birth/Age :

28.04.1951

Qualification :

B.E.(Metallurgical Engg), Diploma in HR and Labour Welfare

Date of Appointment :

30.09.2011

DIN No.:

03509280

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29219CH1994PLC015132	INDO FARM EQUIPMENT LIMITED	Whole-time director	01/04/2011	01/04/2011	31/03/2012	Active	NO
2	U28910HP1989PLC008963	HIM TEKNOFORGE LIMITED	Director	30/09/2011	06/06/2011	-	Active	NO
3	U28113CH2012PLC034147	TAYAL TECHNOLOGIES LIMITED	Director	15/10/2012	15/10/2012	-	Active	NO

Name :

Mr. Pradeep Kumar

Designation :

Director

Address :

H. No. 604, GHS No. 28, Sector-20, Ward No. 30, Panchkula – 134109, Haryana, India

Date of Birth/Age :

15.08.1949

Qualification :

B.Sc., CAIIB

Date of Appointment :

28.03.2012

DIN No.:

03052477

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	L24232CH1995PLC015553	IND SWIFT LABORATORIES LIMITED	Additional director	23/03/2009	23/03/2009	Active	NO
2	U28910HP1989PLC008963	HIM TEKNOFORGE LIMITED	Director	28/09/2012	28/03/2012	Active	NO
3	L17115CH1990PLC010566	WINSOME YARNS LTD	Additional director	30/09/2013	30/09/2013	Active	NO

Name :

Sriparna Ganguly

Designation :

Nominee director

Address :

B-706, Daffodil Appartment, Plot-36, Sector-6, Dwarka New Delhi - 110075, India

Date of Birth/Age :

24.02.1986

Date of Appointment :

14.08.2013

DIN No.:

02564363

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24232UR2006PLC032300	JEEVAN-REKHA MEDICAL CARE SERVICES LIMITED	Nominee director	07/12/2009	07/12/2009	05/09/2011	Active	NO
2	U28910HP1989PLC008963	HIM TEKNOFORGE LIMITED	Nominee director	14/08/2013	14/08/2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Rajni Charaya
Designation :	Secretary
Address :	HL-418, Phase-9, Mohali – 160062, Punjab, India
Date of Birth/Age :	01.02.1986
Date of Appointment :	01.02.2010
PAN No.:	ATXPR0119F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2013

Names of Shareholders	No. of Shares
India Automotive Component Manufacturers Private Equity Fund (IACM-1-D), India	6260000
Rajiv Aggarwal	4253453
Vijay Aggarwal	3167288
Vinod Aggarwal	2205313
Asha Aggarwal	1769459
Globe Precision Industries Private Limited, India	1400000

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Venture capital	26.88
Bodies corporate	10.92
Directors or relatives of directors	61.87
Other top fifty shareholders	0.33
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Rough Forging and Finished Components.

Products/ Services :

ITC Code No.	Product Descriptions
73261910	Rough Forgings
73261910	Finished Components

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Unit	Installed Capacity	Actual Production
Rough Forging	MTs	28200	13942
Finished Components	Nos.	1620000	2400392

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· State Bank of Patiala, Commercial Branch, SCO 103-107, Sector 8C, Chandigarh - 160008, Chandigarh, India

State Bank of Bikaner and Jaipur, SCO 106-108, Sector 17 D, Chandigarh - 160017, India

Small Industries Development Bank of India, NH 5-R/2, Neelam Badshah Khan Road, Nit, Haryana - 121001, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Fully convertible debentures others	0.000	50.000
Term loans from banks	327.560	267.582
Term loans from others	8.473	15.238
SHORT TERM BORROWINGS
Working capital loans from banks [Working Capital borrowings are secured by 1st pari passu charge on all the current assets, 2nd parri passu charge on the fixed assets of the company and by the personal guarantee of two directors.]	527.236	479.924
Total	863.269	812.744

Banking Relations :	--
Financial Institutions :	· H.P. Financial Corporation, New Himrus Building, Circular Road, Shimla - 171001, Himachal Pradesh, India Stressed Assets Stablisation Fund, IDBI Tower, WTC complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India · Deputy Director of Industries SWCA, Baddi - 173205, Himachal Pradesh, India
Auditors :
Name :	PRA Associates Chartered Accountants
Address :	SCO 124-125, IInd Floor, Sector- 34A, Chandigarh, India
Income-tax PAN of auditor or auditor's firm :	AACFA2775J
Associates :	· R V Netsoft Private Limited [U72200CH1997PTC020207] Himachal Shots and Metals Private Limited [U28119HP1987PTC007230] Him Chemicals and Fertilizers Private Limited [U24119HP1993PTC013282] Globe Precision Industries Private Limited [U29211HP1986PTC007017] Gee Ess Precision Engineering Private Limited [U29200DL2010PTC206685]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000,000	Equity Shares	Rs. 10/- each	Rs. 250.000 Millions
500,000	Preference Shares	Rs. 100/- each	Rs. 50.000 Millions
	Total		Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23,260,000	Equity Shares	Rs. 10/- each	Rs. 232.600 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	232.600	232.500	166.000
(b) Reserves & Surplus	489.213	385.573	259.592
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	721.813	618.073	425.592
(3) Non-Current Liabilities
(a) long-term borrowings	353.229	348.182	240.172
(b) Deferred tax liabilities (Net)	12.575	10.257	9.654
(c) Other long term liabilities	0.281	0.317	0.252
(d) long-term provisions	10.448	10.592	8.769
Total Non-current Liabilities (3)	376.533	369.348	258.847
(4) Current Liabilities
(a) Short term borrowings	527.236	479.924	386.998
(b) Trade payables	373.219	334.709	381.590
(c) Other current liabilities	101.170	102.966	100.157
(d) Short-term provisions	5.562	9.206	9.908
Total Current Liabilities (4)	1007.187	926.805	878.653
TOTAL	2105.533	1914.226	1563.092
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	744.084	631.317	460.521
(ii) Intangible Assets	79.978	45.310	28.003
(iii) Capital work-in-progress	102.266	80.789	29.913
(iv) Intangible assets under development	1.000	0.506	0.000
(b) Non-current Investments	1.305	1.305	1.305
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	74.074	83.040	56.412
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1002.707	842.267	576.154
(2) Current assets
(a) Current investments	0.000	5.000	0.000
(b) Inventories	695.913	655.437	598.031
(c) Trade receivables	354.523	345.810	329.521
(d) Cash and cash equivalents	24.743	34.596	29.109
(e) Short-term loans and advances	23.222	28.403	29.473
(f) Other current assets	4.425	2.713	0.804
Total Current Assets	1102.826	1071.959	986.938
TOTAL	2105.533	1914.226	1563.092

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	1710.942	1827.665	1339.547
		Other Income	1.319	2.296	1.733
		TOTAL (A)	1712.261	1829.961	1341.280
Less	EXPENSES
		Cost of materials consumed	1015.449	1062.126	847.729
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(45.260)	0.657	(110.629)
		Employee benefit expense	122.793	118.648	97.408
		Other expenses	401.404	399.246	337.619
		Extraordinary items	0.000	(20.100)	0.000
		TOTAL (B)	1494.386	1560.577	1172.127
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		217.875	269.384	169.153
Less	FINANCIAL EXPENSES (D)		124.150	129.593	86.536
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		93.725	139.791	82.617
Less/ Add	DEPRECIATION/ AMORTISATION (F)		40.669	39.921	35.175
	PROFIT BEFORE TAX (E-F) (G)		53.056	99.870	47.442
Less	TAX (H)		2.316	3.949	(2.485)
	PROFIT AFTER TAX (G-H) (I)		50.740	95.921	49.927
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	34.820	17.900	20.815
	IMPORTS
		Capital Goods	21.870	11.555	12.657
	Earnings Per Share (Rs.)		2.18	4.44	3.08

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.96	5.24	3.72
Net Profit Margin (PBT/Sales)	(%)	3.10	5.46	3.54
Return on Total Assets (PBT/Total Assets}	(%)	2.65	5.45	3.10
Return on Investment (ROI) (PBT/Networth)		0.07	0.16	0.11
Debt Equity Ratio (Total Debt/Networth)		1.22	1.34	1.47
Current Ratio (Current Asset/Current Liability)		1.09	1.16	1.12

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10415619	22/03/2013	115,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, SCO 103-107, SECTOR 8 C, CHANDIGARH, CHANDIGARH - 160008, INDIA	B71964100
2	10415637	22/03/2013	25,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, SCO 103-107, SECTOR 8 C, CHANDIGARH, CHANDIGARH - 160008, INDIA	B71965610
3	10387836	23/10/2012	1,130,000.00	STATE BANK OF BIKANER & JAIPUR	SCO 106-108, SECTOR 17 D, CHANDIGARH - 160017, INDIA	B62501259
4	10350258	20/04/2012	7,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	NH 5-R/2, NEELAM BADSHAH KHAN ROAD, NIT, HARYANA - 121001, INDIA	B37759198
5	10336894	04/07/2012 *	100,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, SCO 103-107, SECTOR 8 C, CHANDIGARH, CHANDIGARH - 160008, INDIA	B43861434
6	10332897	27/01/2012	3,000,000.00	DEPUTY DIRECTOR OF INDUSTRIES SWCA	BADDI - 173205, HIMACHAL PRADESH, INDIA	B30962054
7	10324708	31/10/2011	12,500,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, SCO 103-107, SECTOR 8 C, CHANDIGARH, CHANDIGARH - 160008, INDIA	B28404770
8	10309204	04/07/2012 *	40,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, SCO 103-107, SECTOR 8 C, CHANDIGARH, CHANDIGARH - 160008, INDIA	B43742493
9	10270403	09/03/2011	4,900,000.00	RELIGARE FINVEST LIMITED	D3, P3B, DISTRICT CENTRE, SAKET, NEW DELHI - 110017, INDIA	B07724941
10	10263266	18/01/2011	6,270,000.00	RELIGARE FINVEST LIMITED	D3, P3B, DISTRICT CENTRE, SAKET, NEW DELHI - 110017, INDIA	B05041264
11	10263272	10/01/2011	2,825,000.00	RELIGARE FINVEST LIMITED	D3, P3B, DISTRICT CENTRE, SAKET, NEW DELHI - 110017, INDIA	B05039870
12	10258073	31/12/2010	3,600,000.00	RELIGARE FINVEST LIMITED	D3, P3B, DISTRICT CENTRE, SAKET, NEW DELHI - 110017, INDIA	B02709582
13	10261480	04/07/2012 *	45,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, SCO 103-107, SECTOR 8 C, CHANDIGARH, CHANDIGARH - 160008, INDIA	B43916246
14	10233241	04/07/2012 *	20,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, SCO 103-107, SECTOR 8 C, CHANDIGARH, CHANDIGARH - 160008, INDIA	B43860923
15	10190076	15/12/2009	3,000,000.00	DY. DIRECTOR INDUSTRIES (SWCA)	BADDI - 173205, HIMACHAL PRADESH, INDIA	A75136325
16	10200734	04/07/2012 *	137,500,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, SCO 103-107, SECTOR 8 C, CHANDIGARH, CHANDIGARH - 160008, INDIA	B43915727
17	10091986	04/07/2012 *	37,500,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, SCO 103-107, SECTOR 8 C, CHANDIGARH, CHANDIGARH - 160008, INDIA	B43914803
18	80014286	16/01/2013 *	830,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, SCO 103-107, SECTOR 8 C, CHANDIGARH, CHANDIGARH - 160008, INDIA	B66901737

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from related parties	11.800	10.362
Intercorporate borrowings	0.000	5.000
Other loans and advances	5.396	0.000
Total	17.196	15.362

Note:

The registered office of the company has been shifted from Sai Road, Baddi, District Solan, Himachal Pradesh, India to the present w.e.f. 06.09.2011

OPERATIONAL HIGHLIGHTS

During the year, the company made operational income of Rs 1710.942 Millions as against Rs 1827.664 Millions in the previous year and net profit of Rs 50.740 Millions, as against Rs 95.921 Millions in the previous year. The company produced 13942 MT. of forgings and 2400392 Nos. of finished components during the year. The company made exports of Rs 34.820 Millions during the year as compared to Rs17.899 Millions in the previous year.

THE MARKET AND FUTURE PROSPECTS

During the year, the growth of the Indian economy was slower at around 5% as compared to the growth of around 6.5% recorded in the previous financial year. To overcome the slowdown in Indian economy, mainly on account of hikes in borrowing rates and increased cost of steel, furnace oil, power, labour and consumables the company has expanded its installed capacity by adding new machinery and also undertaken technology upgradation. The company is also making continuous efforts for cost reduction and also for increased value addition to overcome the situation. Moreover, the company is making continuous efforts to enlarge its customer base and product basket, by adding new products/ customers. Apart from this, the company is taking steps to look for growth prospects through inorganic route as well by acquiring some business in the related line of activity.

FIXED ASSETS:

· Land

Buildings

Plant and equipment

Furniture and fixtures

Vehicles

Office equipment

Computer equipments

Other equipments

Computer software

Recipes, formulae, models, designs and prototypes

Designs

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.49
UK Pound	1	Rs. 98.71
Euro	1	Rs. 84.49

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.